Will a Judge’s Fraud Ruling Dismantle Trump’s New York Empire?

Follow our live coverage of Trump’s fraud trial.

Trump Tower on Fifth Avenue. The 72-story office building in the heart of the financial district. The Trump International Hotel overlooking Central Park.

These are Donald J. Trump’s flagship New York properties, embodiments of the rise of a developer who parlayed real estate riches into reality television fame, and ultimately, the White House.

Now, Mr. Trump could lose his grip on all three buildings after a state judge on Tuesday ruled that he had persistently committed fraud by inflating the value of his assets. The judge sided with New York’s attorney general, Letitia James, who had brought a civil case against the former president.

As a punishment, the judge, Arthur F. Engoron, effectively revoked Mr. Trump’s licenses to operate those properties — and potentially an even broader swath of the family business that Mr. Trump built over the last half-century. The ruling left much of his New York operation hanging in the balance.

Mr. Trump is expected to appeal and has already sued Justice Engoron himself, who has been a thorn in the side of the Trump lawyers for more than a year. An appeals court could rule as soon as Thursday on that lawsuit, which accuses the judge of ignoring a previous decision that could bar some evidence in the case.

The coming ruling in turn could forestall a trial of the fraud case that was set to start next week to determine whether Mr. Trump should pay a fine and how much as well as additional punishments. Ms. James is seeking $250 million.